Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – A Complete Guide
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched in 2015 to make affordable insurance accessible to every citizen of India. With a low annual premium and a simple enrollment process, PMJJBY has emerged as one of the most popular schemes under the government’s financial inclusion initiative.
Key Features of PMJJBY
- Life Insurance Coverage
- Provides life cover of ₹2 lakh to the nominee in case of the policyholder’s death due to any reason (natural or accidental).
- Affordable Premium
- Annual premium is ₹436 per member (as of the latest update).
- The premium is auto-debited from the policyholder’s bank account.
- Eligibility Criteria
- Age: 18 to 50 years (once enrolled, coverage continues up to age 55 upon renewal).
- Must have a savings bank account.
- Aadhaar card should be linked to the bank account for enrollment.
- Policy Period
- Coverage is valid from 1st June to 31st May every year.
- Renewal is required annually to continue benefits.
- Easy Enrollment
- Available through banks and insurance companies partnered with the scheme.
- Minimal documentation required.
Benefits of PMJJBY
- Financial Security – Helps the family of the insured in case of unfortunate demise.
- Nationwide Availability – Accessible through almost all banks across India.
- Hassle-Free Process – No medical examination required.
- Government Support – Backed by the Government of India, ensuring trust and transparency.
How to Enroll in PMJJBY
- Visit your bank branch or use the bank’s net banking / mobile banking app.
- Fill out the consent-cum-declaration form.
- Ensure your Aadhaar is linked to your bank account.
- Authorize the annual premium auto-debit.
Claim Process
In case of the policyholder’s death:
- Nominee obtains the claim form from the bank or insurer.
- Submit the form along with the death certificate, bank details, and KYC documents.
- Claim is processed, and the insurance amount is transferred to the nominee’s account.
Important Points to Remember
- The premium is auto-debited once a year, so keep sufficient balance in your bank account.
- If the policy lapses due to non-payment, you can rejoin by paying the full annual premium.
- One person can join PMJJBY through only one bank account.
Conclusion
PMJJBY is an excellent initiative for providing life insurance coverage to the masses at a minimal cost. It is especially beneficial for low-income individuals who may not be able to afford expensive insurance plans. For just ₹436 per year, it ensures that your loved ones are financially protected in your absence.
If you haven’t enrolled yet, consider joining PMJJBY today and secure your family’s future.
